You are getting a SQL Server syntax error. Given the nature of the error I'm going to venture a guess that there is something incorrect in your dbtune.sde file that is being used to generate the sdedbtune table, and control the creation of the sde & geodatabase metadata tables.
The syntax error is occuring near the word 'tablespace', which is not a SQL Server term. Are you using a customized dbtune file? If so, open that file. If not, go to your SDEHOME\etc folder & open the dbtune.sde file. Search for the string 'tablespace' & see on what line it is occurring. That line needs to be edited/corrected to function properly against SQL Server.
-Shannon